Tag: samsung

Samsung rumored to be ready to reveal new payments service along with its new devices

Samsung is gearing up for the unveiling of its new Galaxy S6 smartphone, as well as several other devices, but it’s the company’s push into the mobile payments space that may generate a veritable tidal wave of hype. Samsung is set to host it’s Galaxy Unpacked event at the beginning of March, and many industry analysts believe that the company will showcase its new mobile devices during that time. They also suggest that Samsung will announce its new mobile payments system, called Samsung Pay.

Galaxy S6 may support Samsung’s entry into the mobile commerce sector

Samsung is expected to reveal the new Galaxy S6 at its upcoming event, as well as the Galaxy S6 Edge, which features a dual-edge display. These devices will be the next step in the evolution of Samsung’s already rampantly popular Galaxy brand and they are expected to support the company’s potential bid for dominance in the mobile payments field. Samsung Pay is rumored to be based on technology developed by LoopPay, a mobile commerce firm that has recently partnered with Samsung.

Samsung Pay may make use of technology developed by LoopPay

Reports suggest that the new payment service will take advantage of a non-swipe fingerprint scanner that will be featured in the Galaxy S6. This will allow users to place their finger on the device’s Home button to unlock the phone and authenticate mobile transactions. The new service from Samsung will also use a tokenization system that has been developed by LoopPay. Tokenization has become quite popular in the mobile payments space as it removes the need to use a consumer’s financial information directly, replacing this data with digital tokens.

Tokenization could make mobile payments more secure

A tokenization system could give Samsung Pay a competitive edge over other payment services. Because mobile commerce deals in the trafficking of financial information, it has become a popular target for malicious groups that seek to exploit this information. With digital tokens, there is no direct use of financial information, and these tokens can help make mobile payments much more secure than they are currently.

The electronics and technology giant has made this announcement right before a key launch.

Samsung Electronics has recently announced that it has named a new mobile marketing chief, as the South Korean device manufacturer prepares for its upcoming unveiling of the next generation of its flagship Galaxy S smartphone.

The new head of mobile advertising has been appointed after having previously been the head of Russian operations.

The new mobile marketing head will be Lee Sang-chul, who had previously led the Russian operations for Samsung. He has been identified as strategic advertising for the smartphone, tablet, and wearables based business, said a spokeswoman. Lee Sang-chul will be replacing Kim Seok-pil, who stepped down from the position. According to several reports, an unidentified individual who is familiar with the matter has said that Kim chose to step down for reasons unrelated to performance, but is instead facing health concerns that brought about the decision. The same source stated that the exec will be returning to work for Samsung at a later date.

The new mobile marketing chief has also previously worked for the company’s Latin American operations.

With only under a month left before the latest Galaxy S device is expected to be launched, Lee will now be expected to take over the oversight of that event, as well as the mobile advertising and promotions that will surround it and follow it. This is no small responsibility, as the success of this flagship smartphone will be vital for that of Samsung.

The mobile technology company has been facing a considerable slide in its mobile earnings and sales, with a reported drop of 64 percent in the last quarter of 2014, when compared to that same quarter in 2013. It is also headed toward the first decline that it has seen in its profits in three years.

Some analysts have reported that the success of the mobile marketing of this device could be critical, and that Samsung would not be able to afford another round of unsuccessful sales of a premium smartphone device. The reason is that the current flagship smartphone, the Galaxy S5, has suffered comparatively poor sales when compared to previous generations.